With so many missed opportunities during the pandemic, most singles now think it’s the right time to reassess their priorities and fight harder – to find serious committed relationships. Navigating the choppy waters of finding love can indeed be daunting, so this is where dating service providers like Love Group (ASX: LVE) come in handy in helping lovelorns across Asia.
The Company reported cash receipts of $986k in the quarter, a 2% increase quarter-on-quarter and a 14% increase year-on-year. This was partly contributed by some key markets in Asia driving high sales volume on average, supported by easing pandemic restrictions in most regions. Activities on the dating app continue to improve, and Love Group’s in-person matchmaking service were able to resume service.
The Singapore market secured $257k cash receipts driven by higher consultation value, a 66% improvement compared to $155k cash receipts attained in the previous quarter. The Bangkok market which received higher average order value followed with $62k cash receipts, a 38% improvement compared to $45k in the previous quarter.
While the Hong Kong market contributed the most during the quarter with $667k, their result was down 13% versus $766k cash receipt obtained in the previous quarter due to lower average order value.
Biggest expenditures of the quarter include advertising and marketing expenditures of $326k and staff costs (including salaries and commissions) of $305k. At the end of the quarter, The Company had $1.79m cash at bank.
Across the Company, Love Group generated $133k in positive operating cash flow.
Love Group Founder and CEO Michael Ye commented, “In the third quarter of fiscal year 2023, we achieved a fourth consecutive quarter of operating cash flow profitability, driven by strong growth in Singapore and Bangkok. We will aim to continue to grow our business by diversifying our revenue base and increasing our market share across multiple countries in an efficient and profitable manner.”
Ye also added that Love Group is in the early stages of developing a new online dating app designed for singles seeking serious committed relationships targeting broader English-speaking markets. The Company wishes to grow a new online dating revenue stream in a highly scalable and cost-efficient manner through the new app.
Previously known as Datetix (ASX: DTX), Love Group is a provider of dating services, including personal matchmaking, online dating and singles events, Love Group currently provides online dating services through the Lovestruck app and website in Hong Kong, Singapore, Bangkok and the United Kingdom, primarily targeting singles from age 30 to 60 that are seeking long-term, committed relationships. In addition to its online presence, the Company also provides personal matchmaking services that offer clients bespoke matching recommended by the company’s team of consultants and proprietary matching algorithms.
Unlike other dating apps that are focused on profile quantity, Love Group focuses on the quality and compatibility of profiles. Its Noonswoon app for the Thai market, for example, gives users 12 curated and high-quality matches every day at midday, all of whom have similar socio-economic backgrounds and values.
Clara is a Business Reporter for The Sentiment.
Latest posts by Clara Venisha (see all)
- IPO Watch: The Australian Wealth Advisory Group set for ASX entrance - December 15, 2023
- Harris Technology gears up for Christmas as consumer electronics and household tipped to be among most popular purchases - November 27, 2023
- Linius Technologies sprints into the US college sports with automated game highlight technology - November 23, 2023
Leave a Comment
You must be logged in to post a comment.